London’s AIM Index saw another run higher through Thursday’s session, reaching the closing bell almost 8 points ahead at 1237.75
- UK Oil & Gas + 63%
- Minds Machines Group +60%
- Kore Potash -20%
- Active Energy -15%
- Fireangel Safety Technology – 9%
UK Oil & Gas [LON:UKOG] moved higher through the day, adding a further 63% to yesterday’s impressive gains. There’s no further news, but the market appears to be bidding up the prospects of what could lie ahead in Turkey. It is however important to look at the share price’s historical performance, with the stock having been around the current 0.35p level briefly last summer, whilst as recently as 2017 the stock tested 8p.
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Minds Machines Group [LON:MMX] had a good day adding 60% following its market update this morning. The company has announced plans to sell the majority of assets to GoDaddy in a move estimated to be worth around 10p per share. Although the business has strong recurring revenues, it notes there’s limited scope for material organic growth. As such some of the proceeds will be returned to shareholders although the company may look at other acquisitions to continue trading.
Kore Potash [LON:KP2], which posted some decent gains at the start of the week, slipped 20% today in what looks like an interesting move. Tuesday’s rally was fuelled by an MoU over funding arrangements yet today they have gone to the market seeking fresh cash with discounted shares on offer. We noted on Tuesday that the gains may have been overdone – the stock has now reversed to levels not seen since mid-March.
Active Energy [LON:AEG] extended its downward trend today, shedding a further 15%. The company is embroiled in a complex licensing dispute that shows no signs of de-escalating. A rebuttal by Active Energy mid-session today did help the stock recover some lost ground, but by all accounts, this has some way to run yet.
A notable mention for Fireangel Safety Technology [LON:FA] which saw its share price rocket higher off the back of that partnership agreement yesterday. Today saw some perhaps inevitable profit taking, with shares easing back some 9%, although volumes were thin and that decline remains within the spread being quoted at the close.